The manager and businessman behind 'American Idol' has partnered with Island Records founder Chris Blackwell to offer £350 million for the British label, after parent company EMI has been ordered to sell it off as part of its deal to be taken over by Universal Music Group (UMG).

The pair are well qualified for running the label with Chris' experience at Island seeing him sign Bob Marley and may Winehouse, while Simon has managed clients including the Elvis Presley estate, celebrities David and Victoria Beckham, tennis star Andy Murray and racing driver Lewis Hamilton.

Parlophone's artists are currently being looked after by a Hold Separate Manager, who will look after the day-to-day running of the label until it is bought.

The one act EMI are allowed to keep are its most lucrative, The Beatles - the most successful pop band in history - who still sell millions of tracks a year despite splitting in 1970.

As part of EMI's £1.2 billion deal with UMG the European Commission ruled it had to sell off its subsidiary labels in the interests of keeping healthy competition in the music industry.

Speaking about the deal last month, Universal's chief executive Lucian Grainge said: ''If you're asking, 'Would I do it again, was it worth it?' 100 per cent we would do it all over again. It is a historic moment.''